Bloomberg:
- US Treasury Secretary Henry Paulson said compensation for CEOs is a matter to be resolved by shareholders and corporate directors.
- Commercial airlines suffered 27 fatal accidents worldwide last year, equaling the lowest total in 10 years, Flight International said.
- Motorola(MOT) said fourth-quarter profit and sales missed forecasts because of lower-than-projected handset revenue.
- Crude oil is falling for a third day, trading near an 18-month low in New York, as mild US weather curbed near-record speculation by investment funds.
- South Korea’s Foreign Ministry said there is “no particular indication” North Korea plans to detonate a second nuclear bomb, after ABC News reported that the communist nation may be preparing a follow-up to its Oct. 9 test.
- Tohrun Sasaki, chief strategist at JPMorgan Chase and a former chief currency trader at the Bank of Japan, sees “strong” trend for US dollar.
- Peter Beutel, president of energy consultant Cameron Hanover, expects oil to fall below $20/bbl. in the next 4-8 years.
- Frank McGhee, head metals trader at Integrated Brokerage Services, sees further selling of copper.
- Copper futures in Shanghai fell the maximum daily limit of 5% to a nine-month low as rising global inventories fueled concern that demand for the metal will lag behind demand.
Apple Daily:
- Quanta Computer and Asustek Computer will ship 4.5 million MacBook laptop computers for Apple Computer(AAPL) this year, citing estimates by UBS AG. The two Taiwan companies shipped 2.8 million laptops to Apple last year.
Financial Times:
- A probe has found evidence of collusion in the European energy industry, citing a report by the EU’s Competition Commissioner Neelie Kroes.
Commercial Times:
- Powerchip Semiconductor plans to spend as much as $28 billion within five years to build memory chip factories in Taiwan, citing VP Eric Tang.
The Star:
- Pioneer Bio Industries, a Malaysian company that produces mangrove palm-based ethanol, plans to spend $398 million to build a biofuel plant.
China Daily:
- Shanda Interactive(SNDA) may form a venture with Sun Media Investment Holdings to sell games to mobile-phone users.
Late Buy/Sell Recommendations
Citigroup:
- Reiterated Buy on (GILD), raised target to $81.
- Reiterated Buy on (NWS), raised target to $26.
Morgan Stanley:
- Reiterated Overweight on (FORM), target $48.
Business Week:
- AngioDynamics(ANGO), which makes devices used to diagnose and treat vascular disease, will benefit from equipment it’s developing to treat cancers, citing Jeff Jonas of GAMCO Medical Opportunity Fund.
- Federal Realty Investment Trust(FRT), a developer of condominiums and shopping centers, will increase earnings as it redevelops properties, citing Merrill Lynch analyst Steve Sakwa.
- MedImmune, the seventh-largest US biotech company, is likely to get more calls from investors to sell itself, citing David Katz, president of Matrix Asset Advisors.
Night Trading
Asian Indices are -1.50% to -.50% on average.
S&P 500 indicated -.16%.
NASDAQ 100 indicated -.18%.
Morning Preview
US AM Market Call
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- (GPN)/.44
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Upcoming Splits
- (RG) 2-for-1
Economic Releases
8:30 am EST
- The Change in Non-farm Payrolls for December is estimated at 100K versus 132K in November.
- The Change in Manufacturing Payrolls for December is estimated at -15K versus -15K in November.
- The Unemployment Rate for December is estimated at 4.5% versus 4.5% in November.
- Average Hourly Earnings for December are estimated to rise .3% versus a .2% gain in November.
BOTTOM LINE: Asian indices are lower, weighed down by commodity-related shares in the region. I expect US equities to open modestly lower and to rise into the afternoon, finishing modestly higher. The Portfolio is 100% net long heading into the day.
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